An action for partition usually arises when there is a dispute as to how to divide property, or in a dispute as to whether property should be sold. One co-owner of real property can file to get a court order requiring the sale of the property and division of the profits, or division of the land between the co-owners, which is often a practical impossibility. Normally, a partition order provides for an appraisal of the total property, which sets the price for one of the parties to buy out the other's half.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Indiana Agreement by Co-Tenants Restricting Right of Partition is a legal agreement that serves to restrict or prevent the partition or division of property owned by co-tenants in Indiana. This agreement is typically entered into when co-tenants desire to maintain their joint ownership without splitting the property into separate shares. The primary purpose of an Indiana Agreement by Co-Tenants Restricting Right of Partition is to maintain the status quo and prevent any co-tenant from forcing a partition sale. This agreement is particularly useful in cases where the property holds sentimental value or has potential for future development or income generation. The agreement outlines the terms and conditions that all co-tenants must adhere to, including the restriction on seeking partition of the property. By signing this agreement, co-tenants acknowledge and voluntarily waive their right to seek partition as provided under Indiana law. Different types of Indiana Agreements by Co-Tenants Restricting Right of Partition may include: 1. Co-Tenancy Agreement with Clear Partition Restrictions: This type of agreement clearly outlines the restrictions on partition and may specify the circumstances under which partition can be requested or when it would be appropriate to force a sale. 2. Co-Tenancy Agreement with Buyout Provision: In some cases, co-tenants may agree to include a buyout provision in the agreement. This provision allows one co-tenant to buy out the interest of another if they wish to exit the co-ownership arrangement. 3. Co-Tenancy Agreement with Expiration Date: This type of agreement may have a set expiration date, after which the co-tenants regain their right to seek partition. It provides flexibility for the co-tenants and allows for the potential reevaluation of the arrangement in the future. 4. Co-Tenancy Agreement with Mediation Clause: Some co-tenants choose to include a mediation clause in their agreement. This clause stipulates that if any disputes arise, the co-tenants will attempt to resolve them through mediation before pursuing legal action. It is important for co-tenants to consult with an experienced real estate attorney when drafting an Indiana Agreement by Co-Tenants Restricting Right of Partition. This ensures that the agreement complies with Indiana law and protects the interests of all co-tenants involved.
